MajorsDec 14, 2022
Pandora Will Relocate North American HQ to NYC from BaltimoreFinancialsFeb 08, 2023
Pandora to Open More Stores, Expand Lab-Grown Diamond Line
In its full-year results, the Danish jeweler outlined its plans for the year ahead.
In Pandora’s full-year results, announced Wednesday morning, the company posted revenue growth of 13 percent year-over-year.
Copenhagen, Denmark—Pandora posted a strong finish to its fiscal year, reporting growth in its fourth quarter and for the full year despite macroeconomic issues.
The Danish jeweler is looking to the year ahead with cautious optimism, outlining its plans for new stores and an expansion of its lab-grown diamond jewelry line, Diamonds by Pandora.
“We ended 2022 on a high note. Despite the macroeconomic pressure on consumers and COVID-19 headwinds in China, we continue to deliver solid growth vs. pre-pandemic levels,” said CEO Alexander Lacik.
Its price adjustment on select items, announced in November, proved successful, said Pandora, with “positive” financial impact.
Fourth-quarter revenue was up 9 percent year-over-year to 9.9 billion Danish kroner ($1.4 billion) compared with 9 billion Danish kroner ($1.3 billion) in the fourth quarter last year.
It reported organic sales growth of 4 percent year-over-year, down from 10 percent last Q4, while its sell-out growth (sales in Pandora-owned and -operated stores) slipped 1 percent, down from 11 percent in the prior period.
Sell-out growth was negatively impacted in part by the fire in Pandora’s European distribution center in Hamburg, Germany in October 2022.
For the full-year, revenue was up 13 percent year-over-year to 26.5 billion Danish kroner ($3.8 billion) compared with 23.4 billion Danish kroner ($3.4 billion) in 2021.
Full-year organic sales growth was up 7 percent year-over-year, down from 23 percent in 2021 but ahead of its forecast of 4 to 6 percent growth. Its sell-out growth fell 4 percent, down from 20 percent in the prior period.
Related stories will be right here …
The Danish jeweler is looking to the year ahead with cautious optimism, outlining its plans for new stores and an expansion of its lab-grown diamond jewelry line, Diamonds by Pandora.
“We ended 2022 on a high note. Despite the macroeconomic pressure on consumers and COVID-19 headwinds in China, we continue to deliver solid growth vs. pre-pandemic levels,” said CEO Alexander Lacik.
Its price adjustment on select items, announced in November, proved successful, said Pandora, with “positive” financial impact.
Fourth-quarter revenue was up 9 percent year-over-year to 9.9 billion Danish kroner ($1.4 billion) compared with 9 billion Danish kroner ($1.3 billion) in the fourth quarter last year.
It reported organic sales growth of 4 percent year-over-year, down from 10 percent last Q4, while its sell-out growth (sales in Pandora-owned and -operated stores) slipped 1 percent, down from 11 percent in the prior period.
Sell-out growth was negatively impacted in part by the fire in Pandora’s European distribution center in Hamburg, Germany in October 2022.
For the full-year, revenue was up 13 percent year-over-year to 26.5 billion Danish kroner ($3.8 billion) compared with 23.4 billion Danish kroner ($3.4 billion) in 2021.
Full-year organic sales growth was up 7 percent year-over-year, down from 23 percent in 2021 but ahead of its forecast of 4 to 6 percent growth. Its sell-out growth fell 4 percent, down from 20 percent in the prior period.
By sales channel, Pandora-owned physical retail stores saw sales up 24 percent year-over-year in the quarter and up 36 percent for the full year.
Online sales were flat in the fourth quarter and fell 6 percent for the year. Wholesale sales were down 5 percent in the fourth quarter and slipped 2 percent for the full year.
In the U.S., Pandora's largest market by revenue, quarterly sales were up 12 percent year-over-year while full-year sales were up 13 percent.
In 2022, Pandora opened 88 concept stores, mainly in the U.S. and China.
The company plans to open even more, eyeing approximately 140 to 190 openings in combined 2022 and 2023, well above the initial 100-150 openings it forecast at its Capital Markets Day in September 2021.
As for its jewelry, its “Moments” collections performed well, as did its “Diamonds by Pandora” lab-grown jewelry line, which got its start in the U.K. before launching in North America last year.
Its North American debut has been going to plan, said the company, with new collections in the works for this year. Half of the line’s purchases are from new customers and its lab-grown rings are the top performers, it said.
The company plans to bring the collection to new markets, though did not specify where the line would head next.
Pandora also noted it’s on track to meet its “green” goals, noting 61 percent of its silver and gold came from recycled sources in 2022. Its goal is 100 percent by 2025.
Looking to the year ahead, Pandora said it remains confident in its ability to navigate the “uncertain environment” while working on its strategic priorities.
It expects to see organic growth falling or rising as much as 3 percent with an EBIT margin around 25 percent.
“Current trading in 2023 has been solid with a good, broad-based pick-up in sell-out growth. This is somewhat helped by an easier comparative base due to Omicron and earlier product launches than last year,” said Pandora, adding it is “pleased” that trading has been in line with its Q4 progress.
“We have started 2023 well and are confident that the transformation of the brand over the past few years puts Pandora in a good position to manage adversity and emerge stronger,” said Lacik.
More on Financials
The Latest
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
